Property Management
In New York, the 'Loft Board' administers which type of residential conversion?
ACo-op conversions in Manhattan south of 96th Street
BThe conversion of former manufacturing or warehouse loft spaces to residential use, protecting existing residential occupants under the Loft Law (Multiple Dwelling Law Article 7-C)✓ Correct
CThe conversion of hotels to residential apartments
DAll condominium conversions citywide
Explanation
The NYC Loft Board administers the Loft Law (MDL Article 7-C), which provides protections for people who have been living in former commercial or manufacturing loft spaces (IMD — Interim Multiple Dwellings). The Loft Law requires owners to legalize these spaces for residential use and protect covered tenants from eviction during the legalization process.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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